Slaughter and May is advising Arrow Global Group plc on its recommended cash acquisition by TDR Capital

Slaughter and May is advising Arrow Global Group plc on the recommended cash acquisition of its entire issued and to be issued ordinary share capital by Sherwood Acquisitions Limited, a newly formed company owned by investment funds managed by TDR Capital LLP. The acquisition was announced on 31 March 2021, following a previous announcement of a possible offer by TDR Capital on 8 February 2021.

Under the terms of the acquisition, each Arrow shareholder will be entitled to receive 307.5 pence in cash for each Arrow ordinary share held by them. Arrow shareholders also have the option to receive shares in Sherwood Topco Limited, the parent company of Sherwood Acquisitions Limited, as an alternative to the cash offer. The maximum number of shares available pursuant to this alternative offer will be limited to 10 per cent. of the issued ordinary share capital of Sherwood Topco at completion of the acquisition. The acquisition values the entire issued and to be issued ordinary share capital of Arrow at approximately £563 million and is expected to complete in the autumn of 2021, subject to receipt of customary shareholder and regulatory approvals.

Arrow was founded in the United Kingdom in 2005, with the aim of identifying, acquiring and managing secured and unsecured loan and real estate portfolios from and on behalf of financial institutions, such as banks, institutional fund investors and specialist lenders. Since then, Arrow has expanded into Europe and, in addition to its UK operations, it now operates in Italy, Portugal, Ireland, the Netherlands and Belgium. Arrow is now a leading European investor and asset manager in the non-performing and non-core assets sector.

Slaughter and May is supporting Arrow’s in-house legal team led by Martina Swart (Group Chief Legal and Risk Officer).